Hungary ranked as one of the best EU nations for debt reduction

Hungary has been ranked as the third-best EU nation when it comes to debt reduction and 16th place overall.

Hungary’s debt-to-GDP ratio stood at 75.6 percent of gross domestic product at the end of the second quarter in 2016, which puts Hungary in 16th place in the EU-27, a release by Eurostat, the statistical office of the European Union, has shown.

According to Portfolio.hu, at the end of the second quarter of 2016, the government debt to GDP ratio in the euro area (EA19) stood at 91.2 percent, compared with 91.3 percent at the end of the first quarter of 2016.

In the EU28, the ratio decreased from 84.5 to 84.3 percent. Compared with the second quarter of 2015, the government debt to GDP ratio fell in both the euro area (from 92.1 to 91.2 percent) and the EU28 (from 87.5 to 84.3 percent). Hungary is in the middle of the ranking of EU member states with its 75.6 percent debt ratio.

Compared to the end of March (i.e. on a q/q basis) Hungary’s debt-to-GDP ratio dropped by 1.6 percentage point, the third-largest decline.

Compared to Q2 2015, the reduction was 3.2 percentage points, also the third-sharpest decline in annual terms.